Disbursement of Escrow Funds. (a) Subject to Section 3(b) and Section 10, NCPS shall promptly disburse in accordance with the Instruction Letter the liquidated value of the Escrow Funds from the Escrow Account to Issuer by wire transfer no later than one Business Day following receipt of the following documents:
Disbursement of Escrow Funds. Following deposit with the Bank of checks representing subscriptions for at least 50 units ($1,000,000) and funds for at least $1,000,000 have been collected by the Bank and upon receipt by the Bank of written instructions from the Managing General Partner and the Dealer-Manager as to the date of closing with respect to such Partnership, the Bank will deliver to the Managing General Partner certified or official bank checks drawn on the Escrow Funds to the orders and in the amounts set forth in the aforementioned instructions. The Bank shall not disburse any Escrow Funds to the Partnership until at least $1,000,000 in collected funds have been deposited in the Escrow Account prior to December 31, 1997. Pursuant to separate instructions from the Managing General Partner, the Bank will transmit to the subscribers, as specified by the Managing General Partner, the balance of the Escrow funds, representing interest which will be prorated by the Managing General Partner derived from the deposit of the Escrow funds in accordance with paragraph 2.3, in the amount set forth in the aforementioned instructions. All such disbursement instructions shall be unconditional and shall not impose any duties upon the Bank other than that of disbursing Escrow Funds in a designated amount to a particular party.
Disbursement of Escrow Funds. At such time as (i) checks representing subscriptions for at least 40 Units ($1,000,000) shall have been deposited with the Bank, without regard to Units subscribed for by the Managing General Partner or its affiliates, and (ii) funds for at least $1,000,000 shall have been collected by the Bank, upon receipt by the Bank of written instructions from the Managing General Partner and the Broker Dealer informing the Bank of the date of closing with respect to the Partnership, the Bank will deliver to the Managing General Partner certified, or official bank or trust checks drawn on the Escrow Funds to the orders and in the amounts set forth in the aforementioned instructions. The Bank shall not disburse any Escrow Funds to the Partnership until at least $1,000,000 in collected funds have been deposited in the Escrow Account. All such disbursement instructions shall be unconditional and shall not impose any duties upon the Bank other than that of disbursing Escrow Funds in a designated amount to a particular party. In the event that any funds, including cleared funds but excluding funds that are part of the initial $1,000,000 necessary for disbursement, deposited in the Escrow Account prove uncollectible after the funds represented thereby have been released by the Escrow Agent pursuant to this Agreement, the Managing General Partner shall immediately reimburse the Escrow Agent upon request for the face amount of such check or checks, together with reasonable and customary charges and expenses related thereto, and the Escrow Agent shall deliver the returned checks or other instruments to the Managing General Partner. The Managing General Partner acknowledges that its obligation in the preceding sentence shall survive the termination of this Agreement and the resignation or removal of the Escrow Agent.
Disbursement of Escrow Funds. Following deposit into the Escrow Account of funds totaling $50,000.00, TAO shall disburse all such funds to FPC and shall notify all Investors that placed Escrow Funds with TAO that such disbursement has taken place.
Disbursement of Escrow Funds. Subject to Section 3(b) and Section 10, NCPS shall disburse in accordance with the Instruction Letter the liquidated value of the Escrow Funds from the Escrow Account to Issuer by wire transfer no later than one Business Day following receipt of the following documents: Minimum Offering Notice; Subscription Accounting substantiating the fulfillment of the Minimum Offering; Instruction Letter; and such other certificates, notices or other documents as NCPS may reasonably require; provided that NCPS shall not be obligated to disburse the liquidated value of the Escrow Funds to Issuer if NCPS has reason to believe that (A) Cash Investment Instruments in full payment for that number of Securities equal to or greater than the Minimum Offering have not been received, deposited with and collected by NCPS, or (B) any of the information or the certifications, representations, warranties or opinions set forth in the Minimum Offering Notice, Subscription Accounting, Instruction Letter or other certificates, notices or other documents are incorrect or incomplete. After the initial disbursement of Escrow Funds to Issuer pursuant to this Section 4(a), NCPS shall disburse any additional funds received with respect to the Securities to Issuer by wire transfer no later than one Business Day after NCPS receives from or on behalf of Issuer (1) Issuer’s request for closing via NCPS’s online portal and (2) Issuer’s written verification that the subscriptions therefor are in good order. Any ACH transaction must comply with all applicable laws, rules, regulations, codes and orders of applicable governmental, regulatory, judicial and law enforcement authorities and self-regulatory authorities (collectively, “Law”), including, without limitation, NACHA’s operating rules that apply to the ACH network as in effect from time to time. NCPS is not responsible for errors in the completion, accuracy or timeliness of any transfer properly initiated by NCPS in accordance with joint written instructions occasioned by the acts or omissions of any third party financial institution or a party to the transaction, or the insufficiency or lack of availability of funds on deposit in any account. No later than three Business Days after receipt from Subscriber of any required payment instructions and receipt by NCPS of written notice: (i) from Issuer Party that Issuer Party intends to reject a Subscriber’s subscription; (ii) from Issuer Party that there will be no closing of the sale of Securities t...
Disbursement of Escrow Funds. (a) In the event Purchaser determines that it is entitled to all or any portion of the Escrow Funds pursuant to Sections 11.2 or 11.3 of the Purchase Agreement, Purchaser shall deliver written notice to the Escrow Agent and Xxxxx, stating the factual basis for, and the amount of, such entitlement ("Claim"). Within ten (10) days following such delivery of the Claim, Xxxxx may deny all or any portion of the Claim by delivering written notice to the Escrow Agent and Purchaser, indicating the amount or portion of the Claim which is denied and the factual basis for such denial ("Denial").
Disbursement of Escrow Funds. Escrow Agent shall release and disburse the Escrow Funds in accordance with the provisions of this Section 4.
Disbursement of Escrow Funds. The Escrow Agent is hereby authorized and directed to make disbursements of the Escrow Funds pursuant to any of the following:
Disbursement of Escrow Funds. Both Escrowor and Escrowee shall jointly sign a Disbursement Authorization letter, substantially in the form of the statement set forth as Attachment 2, requesting disbursement of a specific amount in US$ that is all or part of the Escrowed Funds in accordance with payment and delivery methods as stated in the letter. Attachment 1 (Confirmation Receipt) Escrow Agent’s Deposit Receipt To: From: M&T Trust Company of Delaware, as Escrow Agent Date: Subject: Escrow Deposit M&T Trust Company of Delaware, as Escrow Agent, hereby acknowledges receipt, as of the date indicated above, of the sum of $ for Orange REIT Inc. (the “Escrowed Funds”) from , said Escrowed Funds being delivered to and received by Escrow Agent pursuant to and in accordance with the terms and conditions of that certain Escrow Agreement dated , by and between Orange REIT Inc. as Escrowor, X.X. Xxxxxx & Company, LLC, as Escrowee and M&T Trust Company of Delaware as Escrow Agent. The Escrowed Funds have been placed in account: ; the account is entitled Orange REIT Escrow Account; the account bears interest at the per annum rate of %; funds may be withdrawn from time to time from the account on days notice; and the account is not subject to federal deposit insurance or if it is subject to such insurance, only $100,000 of the Escrowed Funds are covered by such insurance. M&T Trust Company of Delaware By: Name: Title: Attachment 2 (Disbursement Authorization) DISBURSEMENT AUTHORIZATION [DATE] M&T Trust Company of Delaware Address: 0000 Xxxxx Xxxxxx Xxxxxx, Xxxxx 000 Xxxxxxxxxx, XX 00000 Attention: Xxxxxx X. Xxxxx/Xxxx Xxxxxx Re: Escrow Agreement dated January 23rd, 2007 among ORANGE REIT INC. (the “Escrowor”), X.X. XXXXXX & COMPANY, LLC (“X.X. Xxxxxx”) and M&T TRUST COMPANY OF DELAWARE, as Escrow Agent (“Escrow Agent”) Ladies and Gentlemen:
Disbursement of Escrow Funds. 4.1 Unless the Escrow Agreement has terminated pursuant to Section 5, at such time as the Company determines that the funds representing the sale of the Minimum Amount have been deposited in the Escrow Account, the Company shall notify the Escrow Agent, in writing, that the Minimum Amount of subscriptions has been accepted. Such written notification also shall instruct the Escrow Agent to release and disburse the Escrow Funds to the Company, within ten (10) banking days after receipt of such notice, but only after the Escrow Agent has verified the Minimum Amount of subscriptions has been accepted and that the Escrow Funds are collected.
